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Spatial Correlation, Trade, and Inequality : Evidence from the Global Climate

Dingel, Jonathan I. - 2019

This paper shows that greater global spatial correlation of productivities can increase cross-country welfare … dispersion by increasing the correlation between a country's productivity and its gains from trade. We causally validate this …

Persistent link: https://www.econbiz.de/10012479403

Sibling Correlation in Educational Attainment : A Test of Genetic Nurture

Cawley, John - 2020

The educational attainment of siblings is highly correlated. We test for a specific type of peer effect between siblings in educational attainment: genetic nurture. Specifically, we test whether a person's educational attainment is correlated with their sibling's polygenic score (PGS) for...

Persistent link: https://www.econbiz.de/10012481530

Using Monotonicity Restrictions to Identify Models with Partially Latent Covariates

Bang, Minji; Gao, Wayne Yuan; Postlewaite, Andrew; … - National Bureau of Economic Research - 2021

This paper develops a new method for identifying econometric models with partially latent covariates. Such data structures arise naturally in industrial organization and labor economics settings where data are collected using an "input-based sampling" strategy, e.g., if the sampling unit is one...

Persistent link: https://www.econbiz.de/10012482652

Characteristics Are Covariances : A Unified Model of Risk and Return

Kelly, Bryan - 2018

We propose a new modeling approach for the cross section of returns. Our method, Instrumented Principal Components Analysis (IPCA), allows for latent factors and time-varying loadings by introducing observable characteristics that instrument for the unobservable dynamic loadings. If the...

Persistent link: https://www.econbiz.de/10012453176

Trade with Correlation

Lind, Nelson - 2018

--presents an arbitrary pattern of spatial correlation. The model generates the full class of import demand systems consistent with … specialized in low correlation sectors have 40 percent higher gains from trade relative to countries specialized in high … correlation sectors. After accounting for correlation, the model predicts that lower trade costs for imports from China, rather …

Persistent link: https://www.econbiz.de/10012453334

The Cross-Section of Risk and Return

Daniel, Kent - 2017

In the finance literature, a common practice is to create factor-portfolios by sorting on characteristics (such as book-to-market, profitability or investment) associated with average returns. The goal of this exercise is to create a parsimonious set of factor-portfolios that explain the...

Persistent link: https://www.econbiz.de/10012453549

Depression and Shopping Behavior

Meckel, Katherine; Shapiro, Bradley - National Bureau of Economic Research - 2021

Using a large survey panel that connects household shopping behavior with individual health information, this paper documents correlations between self reported depression and the size and composition of shopping baskets. First, we find that roughly 16% of individuals report suffering from...

Persistent link: https://www.econbiz.de/10012696371

Clustering, Spatial Correlations and Randomization Inference

Barrios, Thomas - 2010

It is standard practice in empirical work to allow for clustering in the error covariance matrix if the explanatory variables of interest vary at a more aggregate level than the units of observation. Often, however, the structure of the error covariance matrix is more complex, with correlations...

Persistent link: https://www.econbiz.de/10012462895

Testing the Correlated Random Coefficient Model

Heckman, James J. - 2009

The recent literature on instrumental variables (IV) features models in which agents sort into treatment status on the basis of gains from treatment as well as on baseline-pretreatment levels. Components of the gains known to the agents and acted on by them may not be known by the observing...

Persistent link: https://www.econbiz.de/10012463186

The Determinants of Stock and Bond Return Comovements

Baele, Lieven - 2009

We study the economic sources of stock-bond return comovements and its time variation using a dynamic factor model. We identify the economic factors employing a semi-structural regime-switching model for state variables such as interest rates, inflation, the output gap, and cash flow growth. We...

Persistent link: https://www.econbiz.de/10012463390